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The crypto community demands a more detailed explanation of FTX’s ties with regulators, politicians, and other institutions. Shutterstock background by cowardlion.
Key TakeawaysFTX’s failure has raised questions about why regulators couldn’t see the fraud coming.
FTX filled key roles with former regulators who had ties to the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Sam Bankman-Fried is facing a critical moment.
Share this article Three stand out. In August 2021, FTX appointed Ryne Miller, a former CFTC attorney, as General Counsel for FTX.US. Miller joined the CFTC in 2010 as an attorney. He served two years before becoming Legal counsel to Gary Gensler, then the Chair of the CFTC. Miller resigned in September 2013. Gensler was elected SEC Chair in April 2021. Gensler was elected SEC Chair in April 2021. The position was held for five months. Jill Sommers, former CFTC Commissioner, joined the board of FTX USA Derivatives in September 2022. Somers promised to work closely with regulators and “to further establish FTX US Derivatives as the premier regulated crypto derivatives trading platform.” Somers also worked as Policy Director and Head of Government Affairs for the International Swaps and Derivatives Association (ISDA) and as the Managing Director of Regulatory Affairs for the Chicago Mercantile Exchange.Other ConnectionsMeanwhile, the wider crypto community is focusing its ire on SEC Chair Gary Gensler. It is now well-known that Bankman-Fried has ties with Gensler through Caroline Ellison. Ellison was the CEO of Alameda Research. Ellison’s father, Glenn Ellison (Gensler’s former colleague at MIT), has been widely reported. Crypto Briefing reported Wednesday that over 9,000 letters were sent to Congress by angry members requesting an investigation into the SEC chair. Joseph Bankman-Fried, Bankman Fried’s father, worked on legislation alongside Elizabeth Warren, among others. His mother, Barbara Fried is the leader of Mind the Gap (a left-leaning lobby organization that has made major donations to the Democrat Party). Bankman-Fried donated $5.2 Million to Joe Biden’s Presidential Campaign in 2020. This made him the second largest political donor to the President. He also generously donated to other left-leaning campaigns. Ryan Salame, the Co-CEO and co-CEO of FTX Digital Assets was a major Republican donor. He gave $5.2 million to Joe Biden’s 2020 Presidential campaign. This made him the second-largest political donor. Bankman-Fried has been in a major crisis for the past week. He is now being called on to serve jail time by crypto enthusiasts. His stoic behavior of coddling regulators and policymakers only raised suspicions and anger in a community still searching for answers. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News